The Nigerian-American Chamber of Commerce (NACC) on Tuesday announced an initiative tagged “project 13-13-13” to strengthen trade ties and volumes between Nigeria and the United States of America.
Dame Adebola Williams, President, NACC, made this known at the chamber’s 61st Annual General Meeting (AGM) in Lagos.
Williams said the initiative, which consisted of 13 strategic objectives, 13 administrative initiatives and 13 economic initiatives, engendered a lot of interface with the American Consulate in Lagos.
She explained that the development would drive the growth of the businesses of members of the chamber, particularly the Micro, Small and Medium Enterprises (MSMEs) across various sectors of the economy.
“Different key performance indicators and set targets have been unbundled to get to the required destination to build more revenue and encourage those in the diaspora to come and invest in the Nigerian space to generate more Foreign Direct Investment (FDI).
“Nigeria must, however, shore up its textile sector to optimal performance seeing that foreigners love and greatly accept our fabrics to stop being a one stop export economy,” she said.
The NACC president also reiterated the chamber’s pledge to continually engage with its relevant partners and government agencies to offer the necessary support to the growth of businesses in Nigeria.
She added that the chamber was committed to offering assistance in areas such as capacity building and dissemination of vital information that would lead to business growth in spite of the inclement operating environment.
She stated that the chamber since her administration began in 2021 had continued to chart new paths for progress irrespective of the devastation of the COVID-19 pandemic.
She said excluding the pandemic, 2021 was herculean for running a business in Nigeria, owing to a myriad of other reasons including insecurity, banditry and terrorism.
According to her, the negative impact on the businesses of the chamber’s members, who are largely Small and Medium Enterprises (SMEs) was quite significant.
Williams said the removal of Bureau de Change from foreign exchange operations in 2021 had significantly affected foreign exchange market.
“Foreign exchange rates have increased significantly and economic pundits have predicted heightened instability in the coming months.
“This is if deliberate policy interventions are not undertaken by the government, which portends a gloomy outlook in the foreseeable future.
“In spite of the reality of a harsh business terrain, the chamber has continued to forge ahead and could continue with our role of advocacy and policy directions to drive the growth of the chamber and the country,” she said.